RELIEVED Stanley chairman Eric Whalley has insisted the club’s financial situation is "no worse" than this time last year after securing a sizeable shirt deal just weeks before pre-season.

The five-figure deal until summer 2010 with Rishton-based company Combined Stabilisation has filled most of the void left by Fraser Eagle’s shock non-renewal of their shirt sponsorship contract, announced last week.

But the Reds still urgently need a sponsor for their academy.

Whalley said: "It was a bit hectic in the last week and we have been working round the clock. I don’t really know what we would have done without this deal.

"I was really disappointed with Fraser Eagle pulling out. But they still have the naming rights for the stadium for the next three years and obviously we don’t want to to fall out with them.

"Sometimes it’s a blessing in disguise. Combined Stabilisation came in very quickly and we’ve done a deal with them and it’s history now."

The multi-million pound soil stabilisation business was set up six years ago by directors Andy Thorpe and Nigel Rea. It is hoped the firm’s expertise may be of some use for planned works on the car park and a new stand.

Reds chief executive Rob Heys said: "It is magnificent to be able to announce a new main sponsorship deal so quickly. Combined Stabilisation is a very successful local company and we look forward to a mutually beneficial partnership that will hopefully go well beyond the initial two year agreement."

Andrew Thorpe, managing director, said: "We are delighted to be able to help Stanley as our company’s local team.

"We feel that a club with such a famous name and history as this should be well supported by local businesses and we would urge other companies to help where possible.

"It is our firm belief that this relationship will flourish well after the two years agreed and ultimately we can help fill the stands with a new generation of fans as Stanley’s support grows, which will stabilise their position in the Football League."